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Second Quarter 2020 Letter

Click here to read the second quarter 2020 letter to investors. This one is highly analytical in picking apart our performance, exposures and factor drivers. In it, I explain why we’ve chosen companies off the beaten path, yet remain exposed…

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White Space & Parallel Investments

Our friend Bill Carey at Cortland Associates has frequently talked about benefitting from trends by investing in parallel, complimentary or adjacent businesses to the actual trend-maker. Many times, these parallel investments can be more profitable than the actual company driving…

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Second Quarter 2017 Letter

Click here to read our second quarter letter. Results have been good, but we want them to be great. Speed Read: Through active portfolio management, we've managed to keep our portfolio's ratio of reward-to-risk at 38.3x, which is marginally better than…

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The Battle For Whole Foods Isn’t Over

The Retail War Has Just Begun Every grocery retailer in the United States, and perhaps even Europe, has undoubtedly called emergency board meetings for this weekend. Amazon’s attempted merger with Whole Foods is a watershed event that will have far-ranging ramifications. Ripe…

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